The House of Representatives is to investigate International Oil Companies (IOCs) operating in the country over huge debts owed indigenous contractors. An ad hoc Committee that would carry out the investigation will also examine the processes of marginal oil fields licence acquisition as well as the financial proceeds from successful bids, remittance and non-remittance of revenues by the licensed operators into the Federation Accounts. The operations of licensed marginal fields Strategic Alliance Agreements between IOCs, investors and Nigerian Petroleum Development… Read more

An indigenous firm, Engineering Automation Technology Limited (EATECH), has decried continuous breach of the Local Content Law by some International Oil Companies (OICs) in Nigeria, urging the Nigerian Content Development Monitoring Board (NCDMB) and the National Petroleum Investment Management Services (NAPIMS) to step up their regulatory and monitoring functions to protect local firms. EATECH’s Managing Director/Chief Executive, Mr. Emmanuel Okon, spoke to reporters at an event organised to mark the company’s 10th anniversary and inauguration of the company’s multi-million naira… Read more

Indigenous companies can meet the requirement for meters, the Minister of Power, Works and Housing, Babatunde Fashola, has said. Fashola, who spoke after he visited Mojec International, a meter manufacturing plant in Lagos, expressed delight that there are Nigerian firms that can meet the metering demand of the country. He, however, wondered why there is still a huge meter gap between demand and supply. According to him, all that is required for the indutry to thrive, is for players in… Read more